Technical Indicators

Looking at the charts, bitcoin core (BTC) markets are rebounding reasonably well after yesterday evening’s price dive. The two short and long-term Simple Moving Averages (SMA) crossed hairs on January 8. The 100 SMA is well below the longer-term 200 average which shows resistance may continue pushing towards the downside. The Relative Strength Index (RSI) and Stochastic oscillators show overbought conditions have passed and some relief is coming.

The price per BTC has been averaging roughly $13,850 to $14,150 over the past two hours.

Order books show that in order for bulls to advance they will have to overcome a massive wall at $14,900 up to $15,150. They approached this resistance last night but failed to break the sell orders. If things were to continue to head southbound, order books show on the backside a solid foundation starting at $13,500 all the way to $13,100. If the lowest range of resistance is broken, a far deeper scalp could take place bringing BTC into the $12K zone. At the moment however, markets seem to be in recovery mode.

The fifth position held by Cardano (ADA) is down as well seeing a percentage loss of 4.9% as one ADA is $0.68. Lastly, the rest of the top ten cryptocurrencies are down between 2-4% except for the digital asset IOTA which is up 4.8%.